SINGAPORE (Dow Jones)--Macarthur Coal Ltd. (MCC.AU) is in advanced talks with Noble Group (N21.SG) to buy its 87.7% stake in Gloucester Coal Ltd. (GCL.AU) and the deal may be announced as early as Tuesday, a person familiar with the situation said.
The person told Dow Jones Newswires that talks are focusing on a "minimum 15% premium" over the A$7 per Gloucester share that Noble paid in May.
"The premium depends on the structure of the transaction. It could be higher."
Noble prefers an all cash offer but a combination of shares and cash is also on the table.
Both companies entered trading halts earlier Tuesday pending announcements. Citic Resources Holdings Ltd. (1205.HK), which controls Macarthur Coal, is also halted.
If the deal goes through, it will further consolidate Australia''s mining industry.
This is the second takeover bid this year for Gloucester, which has a market capitalization of about A$537 million, after Hong Kong-based Noble took control of the company after May''s A$7-a-share offer.
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